With the fallout from Libor still raging, PPI claims still filtering through and a hefty volume of smaller claims on their plates, now is certainly a suitable time for banks to be concerned about their legal heft. But what exactly are they doing?
Many have been reorganising their legal teams accordingly, deciding that it’s better for litigators to be together. The most recent to wade into this trend is Barclays, which overhauled its legal function earlier this month to create a global litigation group reporting directly to new general counsel Bob Hoyt.
Barclays is the second big-name bank to have brought its litigators together in under a year, after Lloyds Banking Group underwent a mass reorganisation of its legal team back in November.
Both banks have followed in the footsteps of the Royal Bank of Scotland, which has boasted a centrally organised litigation team for a number of years.
So, in an era of high-profile bank litigation and squeezed budgets, bringing litigation teams into centralised groups seems like a nifty way of taking back control. Better together after all.
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